New Issue: Morgan Stanley prices $5.22 million market plus notes linked to S&P 500

By Jennifer Chiou

New York, May 21 - Morgan Stanley priced $5,222,000 of 0% market plus notes due Nov. 19, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event occurs if the index's closing level falls below the knock-out level, 76.73% of the initial index level, on any day during the life of the notes.

If a knock-out event has not occurred, the payout at maturity will be par plus the index return, subject to a minimum payout of par.

Otherwise, investors will receive a cash payment that will reflect the percentage appreciation or depreciation in the index on a 1-to-1 basis.

Morgan Stanley & Co. LLC is the agent with J.P. Morgan Securities LLC as dealer.

Issuer:	Morgan Stanley
Issue:	Market plus notes
Underlying index:	S&P 500
Amount:	$5,222,000
Maturity:	Nov. 19, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If index's closing level falls below knock-out level during life of notes, par plus index return, which could be positive or negative; otherwise, par plus index return with minimum payout of par
Initial index level:	1,667.47
Knock-out level:	1,279.45, 76.73% of initial level
Pricing date:	May 17
Settlement date:	May 22
Agent:	Morgan Stanley & Co. LLC
Dealer:	J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	61761JGN3

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